United Tractors to acquire Perkasa Melati for $16.8m
Tuesday, March 13 2012 - 02:47 AM WIB
Indonesia-listed heavy equipment distributor and coal mining firm PT United Tractors Tbk (UNTR), through its subsidiary PT United Tractors Pandu Engineering, will take over 100 percent stake of shipbuilding company PT Perkasa Melati for US$16.8 million.
In a disclosure report submitted to the Indonesian Stock Exchange, UNTR said that the agreement on the acquisition of Perkasa Melati was signed in March 9, 2012.
According to the company, the transactions would be concluded depending on the ability of both parties to fulfill precondition stated in the agreement and to meet requirement as stated within the law no.40/2007 on limited company.
UNTR said that the acquisition of PT Perkasa Melati, which is engaged in shipbuilding and maintenance activities, was intended to support United Tractors Pandu Engineering's coal transportation activities, in addition to support the business group's coal mining operations.
Editing by Er Audy Zandri